A lot can be said for the importance of working hard to achieve great success, but Money Nation has crunched some numbers and found that selecting the right job can also make you a billionaire.
To be a billionaire, you don’t necessarily have to study business or even anything related to it. It helps, but as we’ll discuss in this article, there’s more to it. Trust me; I’m a professional blogger and this is the best side hustle I’ve ever done. Let me show you how.
There’s plenty of confusion about what investment bankers actually do. Do they work in a bank? Do they invest? What exactly do they invest in, anyway? Essentially, an investment banker acts as the middleman between buyers and sellers of companies and is responsible for making these corporate deals happen. Their job, then, is to advise their clients on a sale, whether that be the acquisition of bonds, stocks, mergers or an equity or debt offering.
This is a top Wall Street career, but it can also be a highly demanding and stressful one, with investment bankers often clocking in 100 working hours a week. Their efforts, however, are rewarded with a highly lucrative sum, as this is one of the best careers that could potentially lead to a 7- or even 10-figure salary.https://67cc8950e689808df33bc1818845a075.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
If you are thinking of tapping into investment banking then you could launch you career by familiarising yourself with the ins and out of the industry.
Want to become an investment banker? Gain the foundations to excel in this role by enrolling on Yale University’s Financial Markets online course.
Becoming a successful author is not a breezy walk in the park; it’s more like running a marathon on a scorching day without any shoes on. Indeed, from start to end, the process of writing a book and getting it published can be gruelling, even for the most talented wordsmiths out there. But when you do land yourself a book deal, there’s huge earning potential.
Quite frankly, the best of the best were never in it for the money. As talented storytellers, they wooed the world with their gripping narratives and made a fortune while they were at it. Take JK Rowling, for example: today known as the richest author in the world, Rowling’s manuscript of the very first Harry Potter book was rejected 12 times before it was finally published in 1997 and ultimately went on to shape an entire generation.
Have what it takes to be an author? If you’re a wordsmith yourself, honing your skills with the University of Michigan’s Writing and Editing online course could be a great step towards the right direction.https://67cc8950e689808df33bc1818845a075.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
As a top-ranking athlete, you not only get to enjoy the glory, fame and titles but also make a great deal of money. Indeed, thanks to endorsement deals, championship prize money and high salaries, the greatest athletes get to take home a lot more than just trophies and awards.
To join the likes of Michael Jordan, Tiger Woods and Serena Williams, however, it takes undeniable talent and skill, while being dedicated to your chosen sport and enduring all its ups and downs could be determining factors for your success.
Want to become a professional athlete? Learn directly from an NHL record-breaker and develop the right mindset for sporting success by watching Wayne Gretzky’s class.
Entrepreneurs are often the makers of their own fortune. In other words, you’ll rarely find a billionaire entrepreneur working for somebody else. Indeed, they paved their way to success by developing their own innovative products and services and taking the world by storm.
Take Bill Gates and Jeff Bezos, two of the richest people in the world, as an example. These tycoons started off with a simple idea which they developed into a multibillion-dollar success.
Undoubtedly, working as an entrepreneur is one of the best careers that can make you a billionaire. From tech to media and retail to healthcare, 10-digit fortunes have been forged in numerous industries. So, in order to become a successful entrepreneur, you first need to find your niche before you can build your own empire.https://67cc8950e689808df33bc1818845a075.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
Have what it takes to be an entrepreneur? Get expert guidance from top professors and join the Entrepreneurship online course at the Wharton School of the University of Pennsylvania.
Practising law is one of the best careers for incredibly high earning potential. However, while the median salary for lawyers can top $120,910 annually, this is a seemingly modest income compared to what the top dogs make. Of course, different areas in law can yield higher profits, and the most lucrative law careers that can make you a billionaire include corporate, criminal, patent, tax, real estate and intellectual property law.
When it comes to earning big as a lawyer, a steady success rate in courts and a list of big clients are two of the most important factors. In Wichai Thongtang’s case, for example, representing the former prime minister of Thailand, Thanksin Shinawatra, as well as having numerous top executives and corporations on his billing list account for a major chunk of his $1.9 billion fortune.
Financial institution managers and directors
This category also includes bank managers or insurance managers who typically earn £75,169 before tax. According to the figures, people in this profession can earn as little as £29,530 and as much as £91,543 per year.
Despite being among the top 10, banks are currently trying to cut their costs meaning the salaries of those in these jobs are actually down on last year by 8.2%, which equates to over £6,000 a year.
But if you’re still keen on pursuing a career in banking, you just need a few years experience in the banking or the financial sector and you must also be an “approved person”. That means passing the Financial Conduct Authority’s fit and proper test.
IT and communication directors
With these professionals in short supply, the salaries of technical directors of computer services rocketed by 9% this year, putting their earnings at on average £78,071 before tax.
The lowest wage for anyone in these jobs is over £40,000, but they have the potential to earn over double that, with the highest IT and communication director salary at £84,306.
Despite increasing patient demand, there has been a 2.5% dip in the salaries of surgeons, anaesthetists, hospital consultants, GPs, paediatricians, psychiatrists and radiologists – who are paid anything from £30,291 to £132,613, with an average pay of £78,386.
To be a medical practitioner you’d have to firstly have a university degree from a medical school recognised by the General Medical Council, followed by a year’s training and two years’ post graduate specialist training.
Air traffic controllers
Air traffic assistants and flight planners earn on average £81,132 before tax, which has increased by 3.8% from last year’s figures. The salaries of these professionals are so high due to the amount of lives they are responsible for at one given time.
Despite the huge amount of responsibility involved with being an air traffic controller, the job only requires 5 GCSE’s and a valid air traffic controller’s licence.
This category of high earners includes attorneys and legal consultants who can earn up to £94,458 and on average make £80,210 a year before tax.
Following a decline in the amount of in-house vacancies, these law professionals also saw a 1.1% decline in pay as well. A law degree or post-graduate diploma and an legal practice course (LPC) as well as a two-year training contract is essential for anyone looking to enter these professions.
Financial managers and directors
A completely different ball game to the tenth top earners, especially as the those in this profession have the potential to earn up to £104,849 before tax.
Their salaries have increased by £2.4 over the past year, reflecting the concerns of businesses owners pre-Brexit. Now, businesses are looking for highly-skilled professionals who can not just balance the books but also identify risks and opportunities as well.
To enter these jobs, you must have a relevant degree and a recognised accountancy or corporate finance qualification from a professional accountancy body, such as the Institute of Chartered Accountants in England and Wales, or the ACCA.
This includes other jobs as well as pilots including first officers of airlines, flight engineers, flying instructors and helicopter pilots.
Their average pay is £86,915 and ranges from £68,354 up to £89,928 per year. This is down slightly due to the increase in budget airlines and therefore reduced wages.
To go into any of these jobs, good GCSEs in maths, English, science and a second language and at least two good A-levels is required along with a Class 1 medical certificate, a private pilot licence with 170 hours of flight time under your belt, a commercial pilot licence, which typically costs more than £100,000 and takes two years. You also must build up 1,500 flying hours to fully qualify as a commercial pilot.
On average marketing directors and sales directors earn £87,890, which is down by 2.5% following efficiency cuts. People in these jobs can however earn up to £110,010 once they’ve got a degree, a year’s experience as a marketing or sales manager and maybe a qualification from the Chartered Institute of Marketing as well.
This also includes chief medical officers, vice-presidents and civil servants (grade 5 or above) who have an average pay of £123,577. Some even earn £142,686 a year.
To justify earning this kind of money, the chief executive must demonstrate outstanding performance in their job and also must have the standard requirements of any other person in that role, which includes years of relevant experience, a strong track record of good business decisions and an MBA and/or a financial qualification might help.
The highest earners in the UK are the brokers – and this includes stockbrokers, traders on the stock exchange, foreign exchange dealers, and insurance brokers who earn on average £133,868.
Their salaries have increased by 6.2% however The Wealth Management Association declined to offer any reason for this increase in pay.
Whilst there are no formal academic requirements to be a broker, many companies will require you to have a degree or equivalent qualification.
So get updating CV and who know this time next year…
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